Things To Remember When MBA Graduates Start Their Own Business
What are the things to be remembered when an MBA graduate wants to stand on his/her own legs? Below are the few important points which need to be in everyone’s pocket.
1.Think- Ability to think & pretend the future market
to come up with an idea is very important by conducting proper market research. Spend a lot of time on research, write down a few points which are relevant to your business & later on perform some analysis on it. It’s very easy to come into the market but, it is so difficult to sustain in the market because there is very tough competition. Set unique objectives, vision & mission statements for the company which needs to be worked out so as to reach the goal within a short period of time.
2.Business Fundamentals- Know the business fundamentals
Know the fundamentals of the business i.e how it works? It’s all related to the management which covers each & every department of the organization. An entrepreneur should have basic knowledge of all the departments. The common departments in every organization are: Human Resource Management, Business Development Management, Marketing Department(it became common even in software companies because to promote the product via B2B or B2C or to perform inbound marketing) Supply Chain , Customer Support & Finance Department; which may also vary from one organization to another organization.
3. Network- Grow your own network from various resources
As an entrepreneur, these days growing your own network is important because it will definitely helpful for the organization. Growing the network, engaging with the other entrepreneurs; discussing the ideas is very important. One has to grow the network (phone contacts) and even on social media platforms such as Linkedin (to grow connections), Twitter (to increase the followers) and at the same time be active on them.
4. Risks- Take risks in life & learn from failures
A startup itself is a risk. But every entrepreneur has to undergo this stage. Take risks in life then definitely one will know the difficulties of life & even they can learn from it. An entrepreneur needs to have guts to take risks but at the same time, they need to think whether it works out or not.
A beautiful quotation is given by Swami Vivekananda “Take risks in your life. If you win, you can lead. If you lose, you can guide”.
5. Team- Manage your team
Select the best candidates & form a team. Initially, for any startup, it is slightly difficult to manage the teams. The main agenda to work in a team is to share the knowledge & ideas so as to generate quality output.
6. Practical- Be practical
Don’t believe blindly. As an entrepreneur always be practical, realistic and think in a systematic & logical way.
Practical life teaches us that people may differ and that both may be wrong: it also teaches us that people may differ and both be right. Anchor yourself fast in the latter faith, or the former will sweep your heart away.-Augustus William Hare
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